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Jonathan Woetzel-McKinsey program

As the global financial crisis ebbs, company and policy leaders around the world are seeking to understand what will be the pattern of growth once the world economy recovers. What will the post-downturn 'new normal' look like? Where will the world's growth engine be? Where will new business opportunities arise? How will the global trade and savings imbalances evolve? Bolstered by a $586 billion government stimulus program and a surge in lending by state-owned banks, China may be the first major economy to bounce back from the global recession. But as the People's Republic of China turns 60, there is recognition at the country's highest political level that the composition of its growth remains unbalanced. Spending by Chinese households as a percentage of GDP is roughly half the US consumption ratio and remains significantly below private spending levels in Europe and Japan. And despite today's rising sales of items such as automobiles and household appliances, the ratio of private spending to GDP in China has actually fallen compared with a decade ago. Drawing on a yearlong research project, experts from the McKinsey Global Institute will discuss why Chinese consumers spend so little relative to counterparts in other nations, how and by how much can China can boost consumption, and what a more consumer-centric China could mean for global growth and for business and policymakers worldwide. Speakers Richard Dobbs, Director, McKinsey Global Institute Jonathan Woetzel, Director and Cofounder of the Greater China Office, McKinsey & Co. Moderator: John Delury, Associate Director, Center on U.S.-China Relations, Asia Society

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